Economic growth rises to 0.7%

Economic growth for the UK has grown more than first thought

By Nicole Hamer |

14:58 23 August 2013

The economic growth for the UK has now been set at 0.7per cent, going up from 0.6per cent. This relates to the three months leading to June this year.

The news comes as the Office for National Statistics released their revised figure.

The first figure that suggested the UK’s economic output had gone up by 0.6per cent in comparison to the quarter before was given in July 2013.

The change from 0.6per cent to 0.7per cent is said to relate to a change in regards to certain areas, the Office for National Statistics has said. It is understood this relates to agriculture, construction, industry and services, as these showed expansion in regards to the period to June. It is also understood that the area of exports assisted in increasing growth.

The growth domestic product was 1.5per cent higher in the afore mentioned period to June in comparison with 2012.

Based on reports, this could suggest the UK might be coming out of the economic situation that has been the situation since 2008.

Although, as reported in one report by the BBC, the Office for National Statistics warned that the rate of economic growth at present is lower than that which relates to previous recoveries from recessions since 1945, during which there was generally a small spurt of growth in regards to the economy. This relates to it catching up with the level before the recession.